Received this list on an email – and what a list. ~~ Start ~~ Romanian prime minister and cabinet resign en masse http://www.guardian.co.uk/world/2012…cabinet-resign 2/20/12 (GERMANY) GERMAN PRESIDENT Christian Wulff resigns (financial corruption charges) http://www.dailymail.co.uk/news/arti…ed-resign.html RESIGNATIONS FROM WORLD BANKS: (1) 9/25/11 (SWITZERLAND) Bank chief resigns over £1.5bn rogue trader crisis http://www.dailymail.co.uk/news/arti…g-scandal.html (2) 10/29/11 (CHINA) Resignations Suggest […]
Romanian prime minister and cabinet resign en masse
2/20/12 (GERMANY) GERMAN PRESIDENT Christian Ruff resigns (financial corruption charges)
RESIGNATIONS FROM WORLD BANKS:
(1) 9/25/11 (SWITZERLAND) Bank chief resigns over £1.5bn rogue trader crisis
(2) 10/29/11 (CHINA) Resignations Suggest Shift for China’s Banks
(3) 11/01/12 (INDIA) More directors of the Beed district bank resign
(4) 11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
(5) 11/29/11 (Iran) Iran’s Bank Melli CEO Resigns Over Loan Scam
(6) 12/15/11 (UNITED KINGDOM) Senior private banker resigns from Coutts [a very exclusive private bank]
(7) 12/22/11 (FRANCE) Societe Generale’s Investment Banking Chief Steps Down
(8) 1/05/12 (UNITED KINGDOM) Chief executive of Saunderson House [Private Bank] steps down
(9)1/09/12 (SWITZERLAND) Switzerland’s central bank chief resigns
(10) 1/12/12 (United Kingdom) Lloyds’ head of wholesale quits
(11) 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief quits
(12) 1/20/12 (JAPAN) Normura’s head of wholesale banking quits
(13) 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Governor Alan Bollard to Step Down in September
(14) 1/21/12 (Greece) Banks’ top negotiator quits Greece, but talks go on
(15) 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:http://www.livemint.com/2012/02/0616…itabh-Cha.html
(16) 2/07/12 (INDIA) Falguni Nayar quits Kotak Mahindra Bank
(17) 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
(18) 2/09/12 (VATICAN) Four Priests Charged In Vatican Banking Scandal
(19) 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO resigns
(20) 2/13/12 (KUWAIT) Kuwait Central Bank CEO resigns
(21) 2/14/12 (NICARAQUA) Nicaraqua Central Bank Pres Rosales resigns
(22) 2/14/12 (UNITED KINGDOM) Social finance pioneer Hayday steps down from Charity Bank
(23) 2/15/12 World Bank CEO Zoellick resigns
Did the White House tell the World Bank president that he’s out?
(24) 2/15/12 (SLOVENIA) Slovenia TWO largest Banks CEO’s (2) resign
(25) 2/15/12 (KENYA) Governor of Kenyan Central Bank to Resign
(26) 2/16/12 (GHANA) Ken Ofori-Atta steps down as Executive Chair of Databank Group
(27) 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Quits
(28) 2/16/12 (AUSTRALIA) Anz Bank CFO Australia resigns
(29) 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
(30) 2/17/12 (USA) Blankfein out as Goldman Sachs CEO by summer
(31) 2/18/12 (PAKISTAN) AJK Bank’s executive steps down
(32) 2/20/12 (RUSSIA) Head of Russian Bank Regulator Steps Down
(33) 2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
(34) 2/10/12 (KOREA) Korea Exchange Bank chief steps down
Source: Spiritual Truth Blog (http://s.tt/15N3q)
11-29-11 R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorporation, Inc. and Seneca National Bank
01-07-12 Iran denies central bank resignation rumor
01-09-12 Switzerland’s central bank chief resigns
02-15-12 Silvio Berlusconi Trial: Prosecutors Seek 5-Year Term
02-16-12 Swiss National Bank chairman’s resignation—A pointer to all regulators in India
02-17-12 UPDATE: SNB Council President To Leave Central Bank
02-20-12 Senior bankers caught up in film investment tax probe
02-20-12 RBS and Jefferies staff held as tax evasion investigation widens
02-20-12 Hedge fund boss whose explosive emails finally caught up with him
02-20-12 Tory hedge fund donor fined $80m in the US
Date unknown BELGIUM: Resignations
Source: Spiritual Truth Blog (http://s.tt/15N3q)
New York’s U.S. Bankruptcy Court Rules MERS’s Business Model Is Illegal
Source: MERS Link
This is a bit involved but suffice to say that it seems the mortgage fraud (or aspects of it) is being uncovered slowly but surely.
2012 really does have this ‘uncovering’ energy that has been spoken about in many recent messages, something I have also felt in my own experiences recently. The energies at play so far this year seem to be catalysing the revelation of untruths, in a lead-up to more balance and harmony.
New York’s U.S. Bankruptcy Court Rules MERS’s Business Model Is Illegal
United States Bankruptcy Judge Robert Grossman has ruled that MERS’s business practices are unlawful. He explicitly acknowledged that this ruling sets a precedent that has far-reaching implications for half of the mortgages in this country. MERS is dead. The banks are in big trouble. And all foreclosures should be stopped immediately while the legislative branch comes up with a solution.
For some weeks I have been arguing that MERS is perpetrating foreclosure fraud all across the nation. Its business model makes it impossible to legally foreclose on any mortgaged property registered within its system — which includes half of the outstanding mortgages in the US. MERS was a fraud from day one, whose purpose was to evade property recording fees and to subvert five centuries of property law. Its chickens have come home to roost.
Wall Street wanted to transform America’s housing sector into the world’s biggest casino and needed to undermine property rights to make it easier to run the scam. The payoffs were bigger for lenders who could induce homeowners to take mortgages they could not possibly afford. The mortgages were packaged into securities sold-on to patsy investors who were defrauded by the “reps and warranties” falsely certifying the securities as backed by top grade loans. In fact the securities were not backed by mortgages, and in any case the mortgages were sure to go bad. Given that homeowners would default, the Wall Street banks that serviced the mortgages needed a foreclosure steamroller to quickly and cheaply throw families out of the homes so that they could be resold to serve as purported collateral for yet more gambling bets. MERS — the industry’s creation — stepped up to the plate to facilitate the fraud. The judge has ruled that its practices are illegal. MERS and the banks lose; investors and homeowners win.
Here’s MERS’s business model in brief. Real estate property sales and mortgages are supposed to be recorded in local recording offices, with fees paid. With the rise of securitization, each mortgage might be sold a dozen times before it came to rest as the collateral behind a mortgage backed security (MBS), and each of those sales would need to be recorded. MERS was created to bypass public recording; it would be listed in the county records as the “mortgagee of record” and the “nominee” of the holder of mortgage. Members of MERS could then transfer the mortgage from one to another without all the trouble of changing the local records, simply by (voluntarily) recording transactions on MERS’s registry
A mortgage has two parts, the “note” and the “security” (not to be confused with the MBS) or “deed of trust” that is usually just called the “mortgage”. The idea behind MERS was that the “note” would be transferred from seller to purchaser, but the “mortgage” would be held by MERS. In fact, MERS recommended that the “note” be held by the mortgage servicer to facilitate foreclosures, but in practice it seems that the notes were often lost or destroyed (which is why all those Burger King Kids were hired to Robo-sign “lost note affidavits”)
At each transfer, the note and mortgage are supposed to be “assigned” to the new owner; MERS claimed that because it was the “mortgagee of record” and the “nominee” of both parties to every transaction, there was no need to assign the “mortgage” until foreclosure. ………..
The Judge rejected every aspect of MERS’s argument. The Court rejected the claim that MERS could be both holder of the mortgage as well as nominee of the “true” owner. It also found that “mortgagee of record” is a vague term that does not give one legal standing as mortgagee. Hence, at best, MERS is only a nominee. It rejected MERS’s claim that as nominee it can assign notes or mortgages — a nominee has limited rights and those most certainly do not include the right to transfer ownership …………..
Judge Grossman rejected MERS’s arguments, saying that mere membership in MERS does not provide “agency” rights to MERS, and agreeing with the Supreme Court of Kansas that ruled “The parties appear to have defined the word [nominee] in much the same way that the blind men of Indian legend described an elephant — their description depended on which part they were touching at any given time.”
What is particularly ironic is that MERS actually forced the judge to undertake the examination of its business model. The case before the judge involved a foreclosed homeowner who had already lost in state court
What is particularly ironic is that MERS actually forced the judge to undertake the examination of its business model. The case before the judge involved a foreclosed homeowner who had already lost in state court ……..
As I predicted two weeks ago, MERS would be dead within weeks. Judge Grossman has driven the final stake through its black heart. The half of America’s homeowners whose mortgages are registered at MERS have been handed a “get out of jail free” card. Wall Street has no right to foreclose on their property. The tide has turned. It won’t be easy, but homeowners in those states with judicial foreclosures now have Judge Grossman on their side. Those in the other states (just over half) will have a tougher time because they can lose their home before they ever get to court. But the law is still on their side — foreclosure by members of MERS is theft — so class action lawsuits may be the way to go.
MERS is dead, but can the banks survive?
There are two separate issues. First, there are the “reps and warranties” given by the mortgage securitizers (Wall Street investment banks) to the investors (pension funds, GSEs, PIMCO, and so on). We now know that a quarter to a third of the mortgages bundled to serve as backing for the securities did not meet stated quality. Worse, we also know that the banks knew this — they hired third parties to undertake “due diligence” to check quality. This was not done to protect the investors, rather, the purpose was to strengthen the bargaining position of the securitizers, who were able to reduce the prices paid for the mortgages. Now, the investors are suing the banks for restitution–forcing them to cover the losses and buy-back the bad mortgages at original price. To add insult to injury, even the NYFed is suing them. That is a lot like having your parents sue you for their inadequate parental oversight of your behavior.
The second issue is that the mortgages backing the securities were supposed to be placed in Trusts (affiliates of the securitizing banks), with the Trustee certifying not only that the mortgages met the reps and warranties but also that the documents were up to snuff and safely locked away. We know they were not………..
What can Wall Street do? Well, I suppose the “help wanted” signs are already up at MERS and Wall Street banks: “Needed: Burger King Kids to Robo-sign forged quasi-professional-looking docs”. The problem is that even with tens of thousands of Robo-Kids, Wall Street will not be able to pull off a vast criminal conspiracy on the necessary scale. Think about it: 60 million mortgages, each sold ten times, means 600 million transactions and assignments that have to be forged. MERS’s documentation was notoriously sloppy, relying on voluntary recording by members. The Robo-Kids would have to go back through a decade of records to manufacture a paper trail that would convince now-skeptical judges that there is a clear chain of title from the first recording in the public record through to the foreclosure. It ain’t going to happen ……….
The only other hope is that Wall Street can call in its campaign contribution chips and get Congress to retroactively legalize fraud. That is what they do in those dictatorships that protestors are now bringing down in the Middle East. Is Washington willing to take that risk, just to please its Wall Street benefactors?
The court document is available here if you are interested.
REGARDS ………. WASP
Scotty writes –
When are these bankers going to start telling the world what’s really on? Resigning is a protest, of sorts – I wonder how much they’ve been paid to keep quiet? They have a duty to the whole world to let us know what’s going on. Remember, they will be living in luxury from their fat pay-offs and accumulated wealth, gained by impoverishing the nations and people of the world. They have a moral duty to inform us and they owe it to us.